BMS

Chứng khoán Bảo Minh ·UPCOM ·2026Q1

▲▲ BALANCED OPERATIONS

Balanced operations NPAT +180.4% YoY

Price

14,400

Latest close

02 Jun 2026

EPS TTM (TTM) 1,510

BVPS (Latest) 11,022

P/E (Price/EPS) 9.5x

P/B (Price/BVPS) 1.3x

ROAE TTM (TTM) 9.9%

PBT Margin (TTM) 37.1%

Trading Share (Mix) 94.4%

Service & Brokerage Share (Mix) 3.8%

Equity / Assets (Latest) 90.3%

Leverage (Latest) 0.1x

Securities House Picture

On a TTM basis through 2026Q1, pre-tax profit is currently about 189.9bn, equivalent to a pre-tax margin of 37.1%, but headline durability remains more sensitive to revaluation, with margin also improving by +13.8pp, pointing to better earnings quality. The revenue mix still leans mainly on trading at 94.4% after expanding by +7.3pp, while lending is at 1.7%; brokerage and services are still only 3.8% and have narrowed by 7.9pp, so diversification remains thin. On the balance sheet, Equity / Assets is 90.3% while Leverage is about 0.11x, indicating a still relatively balanced capital posture, with buffers thickening and leverage easing further.

	                            
	                                Trading
	                            
	                        
Doanh thu 483 tỷ
+96,6%
Lãi thuần 266 tỷ
+106,6%

	                            
	                                Margin lending
	                            
	                        
Doanh thu 8,18 tỷ
+212,9%
Dư nợ 138 tỷ
+484,3%

	                            
	                                Brokerage
	                            
	                        
Doanh thu 14,3 tỷ
−36,8%
Lãi thuần 6,39 tỷ
−59,3%

Metric	2025	2024
PBT	131.0	101.3
Trading Share	94.6%	81.1%
Lending Share	1.1%	0.9%
Service & Brokerage Share	4.3%	18.1%
PBT Margin	24.78%	34.65%
Equity / Assets	85.9%	49.0%
Leverage	0.16x	1.04x

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
PBT	44.9	22.6	44.6	77.8	-14.0	18.2	43.3	20.8	19.1
Trading Share	86.0%	94.5%	96.2%	94.6%	92.2%	85.6%	86.4%	51.4%	89.1%
Lending Share	5.9%	1.0%	0.9%	1.5%	0.9%	2.1%	0.9%	0.0%	0.4%
Service & Brokerage Share	8.1%	4.6%	2.9%	3.9%	7.0%	12.3%	12.7%	48.6%	10.5%
PBT Margin	64.42%	13.90%	32.50%	54.60%	-16.18%	24.10%	53.32%	42.01%	22.11%
Equity / Assets	90.3%	85.9%	50.0%	45.4%	46.8%	49.0%	47.8%	51.0%	59.7%
Leverage	0.11x	0.16x	1.00x	1.20x	1.14x	1.04x	1.09x	0.96x	0.68x

Drivers of BMS's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher trading. Supporting and offsetting drivers:

Trading +VND 137bn

Tax −VND 23.4bn

Other fees −VND 14.9bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher trading. Supporting and offsetting drivers:

Trading +VND 49.0bn

Total costs +VND 8.4bn

Tax −VND 11.8bn

Financial Highlights

Detailed analysis of each financial dimension

Is revenue sustainable?

very positive positive stable watch under pressure

Revenue Mix & Earnings Engine

Where are current earnings coming from?

Earnings are still being supported by trading, but revaluation has become large enough to make the headline less durable than usual.

Trading currently accounts for about 94.4%, lending is at 1.7%, brokerage is around 3.0%, other services about 0.9%, brokerage plus services together are 3.8%.

The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.

Trading income is materially dependent on revaluation.

The mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.

Key risks

Revaluation volatility risk

A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.

Key signals

Securities business revenue 511.9bn +75.1% YoY

PBT margin 37.1% +13.8pp

Trading Share 94.4% +7.3pp

Revaluation / Trading 46.2% −32.5pp

TTM YoY · 2026Q1

Profitability Quality & Volatility

How strong is current profitability, and how durable is it?

Headline profitability remains solid, but durability is weaker because part of the result is still sensitive to revaluation.

Pre-tax margin is currently 37.1%, Return on assets is about 7.1%, revaluation accounts for 109.5% of pre-tax profit.

Headline profit should not be read purely off reported PBT because revaluation still makes the result more volatile.

Profit remains sensitive to revaluation swings.

Provisioning is not currently the main drag on profit.

Key risks

Revaluation volatility remains high

Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.

Key signals

PBT margin 37.1% +13.8pp

Net margin 29.9% +11.2pp

ROAA 7.1% +4.6pp

ROAE 9.9% +6.3pp

Revaluation / PBT 109.5% −131.9pp

TTM YoY · 2026Q1

Are assets at risk?

Balance Sheet Quality & Asset Composition

Where is the balance sheet exposed, and how resilient does it look?

The balance sheet is leaning more toward the prop book, making market-valuation sensitivity a key issue to monitor.

The margin book is about 5.6% of assets, the prop book about 59.2%, liquid assets around 42.3%, equity roughly 90.3%.

A high prop-book share lets market-valuation swings flow more directly into the balance sheet.

The prop book is the more prominent balance-sheet component.

Capital buffer is not the main weakness for now, so the key reading point shifts to which assets are driving the balance sheet.

Key risks

Prop-book concentration risk

A high share of FVTPL assets increases sensitivity to market revaluation and trading volatility.

Key signals

Margin book / Assets 5.6% —

Prop book / Assets 59.2% +25.6pp

Liquid assets / Assets 42.3% −5.5pp

Equity / Assets 90.3% +43.4pp

Liabilities / Equity 0.11x −1.03x

Quarterly YoY · 2026Q1

Is leverage safe?

Capital, Funding & Risk Posture

Are capital buffers and funding posture sufficiently safe?

Capital and funding posture looks more balanced for now, though the effective thickness of liquidity buffers still needs monitoring.

Equity currently equals 90.3% of assets, liabilities stand at 0.11x of equity, short-term borrowings are about 4.0% of assets, cash covers roughly 0.29x of short-term borrowings.

Capital and funding are mainly acting as a buffer for the case, rather than the main source of headline distortion.

When funding and liquidity remain adequate, capital posture works more as a buffer than a veto point.

Liquidity buffer looks adequate for now, though it still needs monitoring as funding structure shifts.

Key risks

Key signals

Equity / Assets 90.3% +43.4pp

Liabilities / Equity 0.11x −1.03x

Short-term borrowings / Assets 4.0% −19.4pp

Liquid assets / Assets 7.0% −40.8pp

Cash / Short-term borrowings 0.29x −0.62x

Quarterly YoY · 2026Q1

Investment Takeaway

Overall, BMS currently looks like a more mixed case, with both supporting factors and watchpoints but no single clean direction yet.

Capital buffer is not currently the main pressure point for this case.

The current revenue mix does not yet offer a clear enough earnings anchor to read as a healthy case.

Statement Data

Item	2025	2024
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	470.6	215.0
a. Realised gains on disposals of FVTPL financial assets	232.3	64.3
b. Gains from revaluation of FVTPL financial assets	232.7	133.9
c. Dividends and interest income from FVTPL financial assets	5.7	16.8
1.2. Gains from held to maturity investments	31.0	27.2
1.3. Interest income from loans and receivables	5.4	2.3
1.6. Revenue from brokerage services	15.5	25.7
1.8. Revenue from investment advisory services	2.1	16.7
1.10. Revenue from securities custody services	3.2	4.8
1.11. Other revenue	0.8	0.7
Revenue from securities business (01->11)	528.6	292.3
Net sales	528.6	292.3
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	285.1	96.9
a. Loss from disposals of financial assets at FVTPL	30.8	9.7
b. Loss from revaluation of financial assets at FVTPL	254.3	87.2
c. Transaction cost of acquisition of financial assets at FVTPL	0.0	—
2.6. Expenses for proprietary trading activities	6.3	5.7
2.7. Expenses for brokerage services	7.2	6.8
2.9. Expenses for financial advisory services	4.1	6.2
2.11. Expenses for secutiries custodian services	3.5	2.9
2.12. Other expenses	0.1	0.5
Operating expenses (21->33)	306.3	119.0
Gross profit	222.3	173.3
3.2. Dividends, interest income from demand deposits	0.9	0.6
Total financial income (41->44)	0.9	0.6
4.2. Borrowing costs	61.4	45.9
Total financial expenses (51->54)	61.4	45.9
VI. General and Administrative expenses	33.3	29.5
VII. Net profit from securities business (20+50-40-60-61-62)	128.5	98.5
8.1. Other incomes	2.9	3.0
8.2. Other expenses	0.4	0.2
Other profit (71-72)	2.5	2.8
IX. Profit before tax (70+80)	131.0	101.3
9.1. Realised profit	152.7	54.6
9.2. Unrealised profit	21.6	46.7
CORPORATE INCOME TAX	25.3	19.7
10.1. Current corporate income tax expenses	29.6	10.4
10.2. Deferred income tax expenses	-4.3	9.3
XI. Net profit after tax (90-100)	105.7	81.5
11.1. Profit after tax for shareholders of the parents company	105.7	81.5
13.1. Earning per share	1,134.00	1,055.00
Earnings per Share	518.48	1,146.61

Item	2025	2024
A. SHORT-TERM ASSETS (100=110+130)	1,680.8	1,714.8
Short-term financial assets	1,679.0	1,712.1
1. Cash and cash equivalents	277.5	506.2
1.1. Cash	277.5	506.2
2. Financial assets at fair value through profit or loss (FVTPL)	1,126.5	677.7
3. Held to maturity investments (HTM)	146.0	459.0
4. Loans	125.7	55.8
7. Short-term receivables	3.0	13.3
7.2. Receivables and accruals from dividends and interest income	3.0	13.3
7.2.2. Undue dividend and interest receivables	3.0	13.3
Prepayments to suppliers	0.3	0.0
9. Service related receivable	—	0.0
II. Other short-term assets	1.7	2.8
1. Advances	0.0	0.0
3. Short-term prepayments	0.5	0.7
4. Pledged assets, mortgages, security deposits in short term	1.2	0.7
Taxes and other receivables from state authorities	—	1.3
B. LONG-TERM ASSETS (200=210+220+240+250-260)	894.6	47.8
I. Long-term financial assets	879.1	—
2. Long-term investments	879.1	—
2.1. Held to maturity investments (HTM)	879.1	—
II. Fixed assets	7.4	6.4
1. Tangible fixed assets	4.1	3.9
- Cost	12.2	11.1
- Accumulated depreciation	-8.1	-7.2
3. Intangible fixed assets	3.4	2.5
- Cost	16.1	14.6
- Accumulated depreciation	-12.8	-12.1
V. Other long-term assets	8.1	41.4
1. Pledged assets, mortgages, security deposits in long term	0.8	27.6
2. Long-term prepayments	0.7	0.2
4. Payment for Settlement Assistance Fund	6.6	5.4
5. Other long-term assets	—	8.1
TOTAL ASSETS (270=100+200)	2,575.4	1,762.6
A. LIABILITIES (300=310+340)	363.6	898.1
I. Short -term liabilities	149.9	879.9
1. Short-term borrowings	100.0	426.2
1.1. Short-term borrowings	100.0	426.2
4. Short-term bonds	—	410.0
8. Trade accounts payable	1.0	0.4
9. Advances from customers	0.3	0.8
10. Taxes and other payables to state authorities	20.8	4.1
11. Payable to employees	7.0	5.9
12. Employee welfare payables	0.4	0.3
13. Accrued expenses	6.2	18.3
15. Unearned revenue	0.1	0.1
17. Other payables	2.6	2.5
19. Bonus and welfare fund	11.7	11.4
II. Long-term liabilities	213.7	18.2
4. Long-term bonds	199.8	—
14. Deferred income tax liabilities	13.9	18.2
B. OWNER'S EQUITY (400=410+420)	2,211.8	864.5
I. Owner's equity	2,211.8	864.5
1. Investment capital from owners	2,039.3	711.1
1.1. Capital from owners	2,039.3	711.1
a. Common stock	2,039,326,520,000.00	711,114,250,000.00
7. Undistributed earnings after tax	172.5	142.2
7.1. Realised profits	117.1	69.5
7.2. Unrealised losses	55.4	72.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	2,575.4	1,762.6

Item	2025	2024
1. Profit before tax	131.0	101.3
2. Adjustments for	61.2	29.8
- Depreciation and amortization	1.7	1.6
- Loss/(profits) from other investing activities	—	-0.4
- Interest expense	61.4	45.9
- Accrued interest income	-1.8	-17.3
3. Add non-cash expenses	254.3	87.2
- Loss from revaluation losses of FVTPL financial assets	254.3	87.2
4. Less non-cash income	-232.7	-133.9
- Gains from revaluation gains of FVTPL financial assets	-232.7	-133.9
5. Changes of assets and liabilities	-1,106.4	-653.5
- Increase/decrease in FVTPL financial assets	-470.4	-138.9
- Increase/decrease in held to maturity investments	-566.1	-459.0
- Increase/decrease in loan	-69.8	-55.6
6. Operating profit before changes in working capital	-892.5	-569.1
Increase/decrease in receiables interest of financial assets	12.1	374.7
Increase/decrease in service related receivables	0.0	0.1
Increases/decreases in other receivables	7.1	37.2
Increase/decrease in other assets	25.3	-27.0
- Increase/(decrease) in payables (other than interest, corporate income tax)	0.1	-0.7
- (Increase)/decrease in prepaid expenses	-0.3	0.4
- Corporate income tax paid	-11.3	-4.5
- Interest paid	-73.6	-29.4
Increases/decreaese in trade payables	0.6	0.4
Increases/decreases in employee welfare payables	-8.0	-3.4
Increases/decreases in tax and other payables to the State Budget	-0.3	-6.6
Increases/dcreases in payable to employees	1.1	2.5
Increases/dcreases in other payables	0.0	-44.6
Net cash flows from securities trading activities	-939.6	-270.1
1. Payment for fixed assets, constructions and other long-term assets	-2.6	-5.3
2. Proceeds from disposals of fixed assets and other long-term assets	—	2.0
Net cash flows from investing activities	-2.6	-3.3
1. Receipts from equity issue and owner's capital contribution	1,250,000,000,000.00	—
3. Short-term and long-term borrowings	2,199.8	2,873.9
3.2. Other borrowings	2,199.8	2,873.9
4. Principal repayments	-2,736.2	-2,337.6
4.3. Other principal repayments	-2,736.2	-2,337.6
Net cash flows from financing activities	713.6	536.2
IV. Net cash flows during the period	-228.7	262.9
V. Cash and cash equivalents at begingning of the period	506.2	243.3
Cash at bank	506.2	243.3
- Cash at bank for securities company activities	506.2	243.3
Cash and cash equivalents at end of period	277.5	506.2
Cash at bank	277.5	506.2
- Cash at bank for securities company activities	277.5	506.2
1. Proceeds from sale of brokerage securities to customers	10,690.9	6,054.1
2. Money spent on buying brokerage securities for customers	-12,808.4	-6,590.6
9. Receive deposits to pay for securities transactions of customers	2,055.5	671.4
17. Proceeds from Securities Issuers	2,062.3	1,281.3
18. Payments to Securities Issuers	-2,062.3	-1,281.2
Increase / decrease of net money during the period	-62.0	135.1
II. Cash and cash equivalents at the beginning of the period of the customer	179.0	43.9
Cash at bank	179.0	43.9
-Deposits of investors on securities transactions under the Securities Company management method	177.0	41.3
-Deposits from issuing organizations	2.0	2.6
III. Cash and cash equivalents at the end of the period of the customer	117.1	179.0
Cash at bank	117.1	179.0
-Deposits of investors on securities transactions under the Securities Company management method	115.0	177.0
-Deposits from issuing organizations	2.1	2.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1.1. Gains from financial assets at fair value through profit or loss (FVTPL)	50.9	148.8	123.8	126.7	71.3	55.0	59.5	23.5	76.9
a. Realised gains on disposals of FVTPL financial assets	15.5	123.2	7.9	89.5	11.6	13.0	2.0	7.3	41.9
b. Gains from revaluation of FVTPL financial assets	35.0	25.6	110.2	37.2	59.7	40.0	57.5	7.4	28.9
c. Dividends and interest income from FVTPL financial assets	0.5	0.0	5.6	0.0	0.0	2.0	0.0	8.7	6.1
1.2. Gains from held to maturity investments	10.5	4.9	8.4	8.6	9.1	11.2	12.2	3.7	—
1.3. Interest income from loans and receivables	3.5	1.5	1.2	2.0	0.7	1.3	0.6	0.0	0.3
1.6. Revenue from brokerage services	2.8	5.3	2.1	4.0	4.1	4.9	6.0	7.6	7.1
1.8. Revenue from investment advisory services	0.6	1.0	0.9	0.1	—	0.5	1.4	14.1	0.8
1.10. Revenue from securities custody services	1.0	0.7	0.6	1.0	0.9	2.4	1.3	0.4	0.8
1.11. Other revenue	0.4	0.1	0.1	0.1	0.5	0.1	0.1	0.1	0.4
Revenue from securities business (01->11)	69.7	162.5	137.2	142.6	86.4	75.5	81.1	49.4	86.3
Net sales	69.7	162.5	137.2	142.6	86.4	75.5	81.1	49.4	86.3
2.1. Loss from financial assets at fair value through profit or loss (FVTPL)	5.6	111.9	65.9	33.9	73.4	20.3	12.5	10.8	53.3
a. Loss from disposals of financial assets at FVTPL	2.6	29.2	0.1	1.5	0.0	0.2	2.5	—	7.1
b. Loss from revaluation of financial assets at FVTPL	2.9	82.7	65.8	32.5	73.4	20.1	10.1	10.8	46.2
c. Transaction cost of acquisition of financial assets at FVTPL	—	—	—	0.0	0.0	—	—	—	—
2.6. Expenses for proprietary trading activities	1.3	2.6	1.2	1.5	1.0	1.4	1.0	1.7	1.7
2.7. Expenses for brokerage services	2.0	2.3	1.5	2.0	1.3	2.6	1.3	1.7	1.2
2.9. Expenses for financial advisory services	1.2	1.6	0.9	0.8	0.8	2.7	1.3	1.2	1.1
2.11. Expenses for secutiries custodian services	0.9	1.0	0.9	1.1	0.5	1.1	0.5	0.8	0.4
2.12. Other expenses	0.0	0.0	0.0	0.0	0.0	0.4	0.0	0.0	0.0
Operating expenses (21->33)	11.0	119.4	70.5	39.4	77.1	28.5	16.7	16.2	57.7
Gross profit	58.8	43.0	66.7	103.2	9.3	47.0	64.5	33.2	28.6
3.2. Dividends, interest income from demand deposits	0.7	0.4	0.1	0.2	0.2	0.1	0.2	0.1	0.1
Total financial income (41->44)	0.7	0.4	0.1	0.2	0.2	0.1	0.2	0.1	0.1
4.2. Borrowing costs	4.5	10.3	15.6	18.7	16.8	18.3	14.7	9.1	3.8
Total financial expenses (51->54)	4.5	10.3	15.6	18.7	16.8	18.3	14.7	9.1	3.8
VI. General and Administrative expenses	9.8	11.5	7.6	7.5	6.7	10.7	6.7	6.3	5.9
VII. Net profit from securities business (20+50-40-60-61-62)	45.1	21.6	43.7	77.2	-13.9	18.1	43.3	18.0	19.1
8.1. Other incomes	0.0	1.2	0.9	0.8	0.0	1.7	0.0	2.9	0.0
8.2. Other expenses	0.2	0.2	0.0	0.1	0.1	1.7	0.0	0.1	0.0
Other profit (71-72)	-0.2	1.0	0.9	0.7	-0.1	0.0	-0.0	2.8	-0.0
IX. Profit before tax (70+80)	44.9	22.6	44.6	77.8	-14.0	18.2	43.3	20.8	19.1
9.1. Realised profit	12.9	79.7	0.2	73.1	-0.3	-1.7	-4.2	24.1	36.4
9.2. Unrealised profit	32.0	-57.1	44.4	4.7	-13.7	19.9	47.4	-3.3	-17.3
CORPORATE INCOME TAX	9.1	3.5	8.9	15.6	-2.7	2.7	9.5	4.3	3.3
10.1. Current corporate income tax expenses	2.5	15.0	—	14.6	—	-1.3	—	5.0	6.8
10.2. Deferred income tax expenses	6.5	-11.4	8.9	0.9	-2.7	4.0	9.5	-0.7	-3.5
XI. Net profit after tax (90-100)	35.9	19.0	35.7	62.2	-11.3	15.5	33.8	16.5	15.8
11.1. Profit after tax for shareholders of the parents company	35.9	19.0	35.7	62.2	-11.3	15.5	33.8	16.5	15.8
Earnings per Share	175.91	93.38	452.23	788.65	-158.25	218.39	474.90	254.80	243.84

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+130)	1,804.2	1,534.7	1,382.2	1,506.8	1,772.6	1,722.9	1,772.8	1,595.0	1,338.4
Short-term financial assets	1,800.1	1,533.0	1,380.5	1,504.7	1,768.8	1,720.2	1,771.2	1,593.5	1,336.3
1. Cash and cash equivalents	29.1	277.5	233.9	227.1	387.3	506.2	60.1	659.8	108.6
1.1. Cash	29.1	277.5	233.9	77.1	387.3	506.2	60.1	659.8	108.6
1.2. Cash equivalents	—	—	—	150.0	—	—	—	—	—
2. Financial assets at fair value through profit or loss (FVTPL)	1,474.9	1,126.5	785.1	750.1	612.9	677.7	643.6	541.9	714.2
3. Held to maturity investments (HTM)	146.0	—	—	—	484.0	459.0	560.0	360.0	—
4. Loans	138.3	125.7	110.9	74.1	23.7	55.8	42.2	0.4	3.9
6. Provisions for impairment loss of financial assets and mortgages	—	—	—	—	—	—	—	—	-3.6
7. Short-term receivables	10.2	3.0	11.5	10.6	7.0	13.3	14.5	—	125.9
7.1. Receivables from disposal of financial assets	—	—	—	—	—	—	—	—	125.9
7.2. Receivables and accruals from dividends and interest income	10.2	3.0	11.5	10.6	7.0	13.3	14.5	—	—
7.2.2. Undue dividend and interest receivables	10.2	3.0	11.5	10.6	7.0	13.3	14.5	—	—
Prepayments to suppliers	1.2	0.3	239.1	442.6	254.0	0.0	450.7	0.5	335.8
9. Service related receivable	0.4	—	0.1	0.1	0.0	0.0	—	18.9	0.0
12. Other receivables	0.0	—	—	—	0.0	8.1	—	12.0	51.4
II. Other short-term assets	4.1	1.7	1.6	2.1	3.8	2.8	1.6	1.5	2.2
1. Advances	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term prepayments	3.8	0.5	0.9	1.4	1.8	0.7	0.9	1.4	1.7
4. Pledged assets, mortgages, security deposits in short term	0.1	1.2	0.7	0.7	0.7	0.7	0.7	—	—
Taxes and other receivables from state authorities	0.1	—	—	—	1.3	1.3	—	—	0.4
B. LONG-TERM ASSETS (200=210+220+240+250-260)	685.5	1,040.7	511.2	500.2	49.4	39.7	10.7	10.9	10.8
I. Long-term financial assets	663.5	1,025.1	495.0	485.0	—	—	—	—	—
2. Long-term investments	663.5	1,025.1	495.0	485.0	—	—	—	—	—
2.1. Held to maturity investments (HTM)	663.5	1,025.1	495.0	485.0	—	—	—	—	—
II. Fixed assets	6.9	7.4	5.7	6.1	6.3	6.4	3.6	4.0	4.4
1. Tangible fixed assets	3.8	4.1	3.7	3.9	3.9	3.9	2.5	2.8	3.0
- Cost	12.2	—	—	—	—	—	—	—	—
- Accumulated depreciation	-8.4	—	—	—	—	—	—	—	—
3. Intangible fixed assets	3.1	3.4	2.1	2.2	2.4	2.5	1.1	1.2	1.3
- Cost	16.1	—	—	—	—	—	—	—	—
- Accumulated depreciation	-13.0	—	—	—	—	—	—	—	—
IV. Construction in progress	0.3	—	1.5	0.5	0.5	—	0.9	—	—
V. Other long-term assets	14.8	8.1	9.0	8.6	42.6	33.3	6.2	7.0	6.4
1. Pledged assets, mortgages, security deposits in long term	4.9	0.8	1.5	1.5	27.7	27.6	0.7	1.4	0.7
2. Long-term prepayments	2.2	0.7	0.8	0.4	0.2	0.2	0.1	0.2	0.4
4. Payment for Settlement Assistance Fund	7.6	6.6	6.6	6.6	6.6	5.4	5.4	5.4	5.4
5. Other long-term assets	—	—	—	—	8.1	—	—	—	—
TOTAL ASSETS (270=100+200)	2,489.7	2,575.4	1,893.4	2,006.9	1,822.0	1,762.6	1,783.5	1,605.9	1,349.2
A. LIABILITIES (300=310+340)	242.0	363.6	946.3	1,095.5	968.7	898.1	930.6	786.7	543.9
I. Short -term liabilities	21.8	149.9	721.2	1,079.1	953.3	879.9	916.4	782.0	538.6
1. Short-term borrowings	—	100.0	700.0	600.0	500.0	426.2	482.5	492.5	492.5
1.1. Short-term borrowings	—	100.0	700.0	600.0	500.0	426.2	482.5	492.5	492.5
4. Short-term bonds	—	—	—	410.0	410.0	410.0	410.0	260.0	—
8. Trade accounts payable	2.5	1.0	0.3	0.4	—	0.4	0.0	2.1	1.3
9. Advances from customers	0.5	0.3	0.7	1.3	0.8	0.8	0.9	1.1	0.5
10. Taxes and other payables to state authorities	3.0	20.8	4.9	14.2	2.2	4.1	3.2	12.0	0.9
11. Payable to employees	—	7.0	—	—	—	5.9	—	—	—
12. Employee welfare payables	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.2
13. Accrued expenses	9.9	6.2	1.6	37.9	27.6	18.3	9.0	2.6	1.8
15. Unearned revenue	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
17. Other payables	2.5	2.6	2.5	2.5	2.5	2.5	2.5	2.6	34.1
19. Bonus and welfare fund	3.0	11.7	10.8	12.5	9.8	11.4	7.8	8.8	7.1
II. Long-term liabilities	220.2	213.7	225.1	16.4	15.4	18.2	14.2	4.7	5.4
4. Long-term bonds	199.9	199.8	199.8	—	—	—	—	—	—
14. Deferred income tax liabilities	20.4	13.9	25.3	16.4	15.4	18.2	14.2	4.7	5.4
B. OWNER'S EQUITY (400=410+420)	2,247.7	2,211.8	947.1	911.4	853.3	864.5	852.9	819.2	805.3
I. Owner's equity	2,247.7	2,211.8	947.1	911.4	853.3	864.5	852.9	819.2	805.3
1. Investment capital from owners	2,039.3	2,039.3	789.3	789.3	711.1	711.1	711.1	646.5	646.5
1.1. Capital from owners	2,039.3	2,039.3	789.3	789.3	711.1	711.1	711.1	646.5	646.5
a. Common stock	2,039,326,520,000.00	2,039,326,520,000.00	789,326,520,000.00	789,326,520,000.00	711,114,250,000.00	711,114,250,000.00	711,114,250,000.00	646,476,130,000.00	646,476,130,000.00
7. Undistributed earnings after tax	208.3	172.5	157.8	122.1	130.9	142.2	130.6	161.5	147.6
7.1. Realised profits	127.4	117.1	56.7	56.6	69.2	69.5	73.8	142.6	126.0
7.2. Unrealised losses	80.9	55.4	101.1	65.5	61.8	72.7	56.8	18.9	21.6
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400)	2,489.7	2,575.4	1,893.4	2,006.9	1,822.0	1,762.6	1,783.5	1,605.9	1,349.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
1. Profit before tax	—	67.2	—	63.9	—	61.4	—	39.8	—
2. Adjustments for	—	25.8	—	35.4	—	28.6	—	1.1	—
- Depreciation and amortization	—	0.8	—	0.8	—	0.8	—	0.8	—
- Loss/(profits) from other investing activities	—	—	—	-0.0	—	0.1	—	-0.5	—
- Interest expense	—	25.9	—	35.5	—	33.0	—	12.8	—
- Accrued interest income	—	-0.9	—	-0.9	—	-5.3	—	-12.0	—
3. Add non-cash expenses	—	148.5	—	105.9	—	30.2	—	57.0	—
- Loss from revaluation losses of FVTPL financial assets	—	148.5	—	105.9	—	30.2	—	57.0	—
4. Less non-cash income	—	-135.8	—	-96.9	—	-97.5	—	-36.4	—
- Gains from revaluation gains of FVTPL financial assets	—	-135.8	—	-96.9	—	-97.5	—	-36.4	—
5. Changes of assets and liabilities	—	-980.7	—	-125.7	—	-222.9	—	-430.5	—
- Increase/decrease in FVTPL financial assets	—	-389.0	—	-81.4	—	-68.5	—	-70.3	—
- Increase/decrease in held to maturity investments	—	-540.1	—	-26.0	—	-99.0	—	-360.0	—
- Increase/decrease in loan	—	-51.5	—	-18.3	—	-55.4	—	-0.2	—
6. Operating profit before changes in working capital	—	-875.0	—	-17.5	—	-200.2	—	-368.9	—
Increase/decrease in receiables sale of financial assets	—	—	—	—	—	—	—	370.6	—
Increase/decrease in receiables interest of financial assets	—	8.5	—	3.6	—	368.2	—	6.5	—
Increase/decrease in service related receivables	—	-0.4	—	0.4	—	18.2	—	-18.1	—
Increases/decreases in other receivables	—	-0.1	—	7.2	—	-1.8	—	39.0	—
Increase/decrease in other assets	—	443.1	—	-417.7	—	-25.8	—	-1.2	—
- Increase/(decrease) in payables (other than interest, corporate income tax)	—	0.1	—	-0.0	—	0.1	—	-0.8	—
- (Increase)/decrease in prepaid expenses	—	0.6	—	-0.8	—	0.6	—	-0.3	—
- Corporate income tax paid	—	-11.3	—	—	—	-4.5	—	—	—
- Interest paid	—	-57.8	—	-15.8	—	-17.5	—	-11.9	—
Increases/decreaese in trade payables	—	1.0	—	-0.4	—	-1.6	—	1.9	—
Increases/decreases in employee welfare payables	—	-8.1	—	0.1	—	-3.5	—	0.1	—
Increases/decreases in tax and other payables to the State Budget	—	3.0	—	-3.3	—	-3.3	—	-3.2	—
Increases/dcreases in payable to employees	—	8.1	—	-7.0	—	6.2	—	-3.7	—
Increases/dcreases in other payables	—	11.3	—	-11.3	—	-0.1	—	-44.5	—
- Other receipts from operating activities	438.0	—	2,258.2	—	928.2	—	4,901.6	—	706.4
- Other payments for operating activities	-317.8	—	-3,311.4	1,167.2	-1,157.5	—	-6,686.0	1,050.1	-1,051.7
Net cash flows from securities trading activities	-148.2	-606.0	119.1	-260.7	-192.1	505.6	-739.6	290.8	-326.9
1. Payment for fixed assets, constructions and other long-term assets	-0.3	-0.6	-1.1	-0.3	-0.7	-4.9	0.0	0.0	-0.4
2. Proceeds from disposals of fixed assets and other long-term assets	—	—	—	—	—	1.7	0.0	0.3	—
7. Dividends, interest and profit received	0.1	—	-0.7	0.8	0.1	—	-0.1	0.2	0.1
Net cash flows from investing activities	-0.2	-0.8	-1.8	0.6	-0.6	-3.3	-0.1	0.5	-0.3
1. Receipts from equity issue and owner's capital contribution	—	1,250,000,000,000.00	—	—	—	—	—	—	—
3. Short-term and long-term borrowings	—	99.8	1,000.0	600.0	500.0	646.2	782.5	752.5	692.5
3.2. Other borrowings	—	1,099.8	—	1,100.0	—	1,428.8	—	1,445.1	—
4. Principal repayments	-100.0	-699.8	-1,110.2	-500.0	-426.2	-702.5	-642.5	-492.5	-500.0
4.3. Other principal repayments	—	-1,810.0	—	-926.2	—	-1,345.1	—	-992.5	—
6. Dividends paid, profits distributed to owners	—	—	-0.4	—	0.0	—	-0.1	—	—
Net cash flows from financing activities	-100.0	650.4	-110.6	100.0	73.8	-56.2	139.9	260.0	192.5
IV. Net cash flows during the period	-248.4	43.6	6.8	-160.2	-118.9	446.0	-599.7	551.2	-134.7
V. Cash and cash equivalents at begingning of the period	277.5	233.9	227.1	387.3	506.2	60.1	659.8	108.6	243.3
Cash and cash equivalents at end of period	29.1	277.5	233.9	227.1	387.3	506.2	60.1	659.8	108.6
1. Proceeds from sale of brokerage securities to customers	—	7,379.3	—	3,311.5	—	3,350.6	—	2,703.5	—
2. Money spent on buying brokerage securities for customers	—	-9,153.9	—	-3,654.5	—	-3,920.4	—	-2,670.2	—
9. Receive deposits to pay for securities transactions of customers	—	1,686.7	—	368.9	—	561.6	—	109.8	—
17. Proceeds from Securities Issuers	—	1,398.2	—	664.1	—	1,266.4	—	14.9	—
18. Payments to Securities Issuers	—	-1,398.3	—	-664.0	—	-1,266.6	—	-14.6	—
Increase / decrease of net money during the period	—	-87.9	—	26.0	—	-8.2	—	143.3	—
II. Cash and cash equivalents at the beginning of the period of the customer	—	179.0	—	179.0	—	43.9	—	43.9	—
III. Cash and cash equivalents at the end of the period of the customer	—	117.1	—	205.0	—	179.0	—	187.3	—

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BMS

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